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Excess Cash Flow: A Signal for Institutional and Corporate Governance (Hardback)
  • Excess Cash Flow: A Signal for Institutional and Corporate Governance (Hardback)

Excess Cash Flow: A Signal for Institutional and Corporate Governance (Hardback)

Hardback 218 Pages / Published: 31/10/2002
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Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.

Publisher: Palgrave USA
ISBN: 9781403900395
Number of pages: 218
Weight: 450 g
Dimensions: 216 x 140 x 19 mm
Edition: 2003 ed.


'This book focuses on important issues in relation to emerging markets: corporate governance, corporate finance, financial liberalisation and financial regulation. The significance of these issues has been highlighted by the recent Asian crisis. Dr Dhumale's book is therefore extremely timely. He provides a penetrating analysis of these issues with particular reference to the Indian economy. Economists in financial institutions, in universities and government will be greatly in Dr Dhumale's debt for this significant and original research study which focuses on a major emerging market, but which has much wider application.' - Ajit Singh, Professor of Economics, Cambridge University

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